Black Stone Minerals Reports $159.5 Million Revenue in Q2 2025, Driven by Commodity Gains

Black Stone Minerals, L.P. reported a total revenue of $159.5 million for the second quarter of 2025, marking a 45.5% increase from $109.6 million in the same period of 2024. The rise in revenue was primarily driven by a significant gain on commodity derivative instruments, which amounted to $52.8 million, compared to a loss of $5.5 million in the prior year. Additionally, natural gas and natural gas liquids sales increased by 26.6% to $46.2 million, while oil and condensate sales decreased by 24.5% to $55.8 million due to lower production volumes and realized prices.

For the first half of 2025, Black Stone Minerals reported total revenue of $218.7 million, a slight increase from $215.1 million in the first half of 2024. The company experienced a 27% decline in oil and condensate sales, totaling $105.9 million, while natural gas and NGL sales rose by 33% to $104.4 million. The overall financial performance reflects a strategic focus on enhancing revenue streams from natural gas, which has been bolstered by favorable pricing conditions.

Operationally, the company has made significant strides in its development activities. As of June 30, 2025, Black Stone Minerals had mineral and royalty interests in 41 states, including approximately 71,000 producing wells. The company has also engaged in various joint exploration agreements, including a recent partnership with Revenant Energy covering 270,000 gross acres, which includes commitments for annual well drilling. This strategic move is expected to enhance production capabilities and revenue generation in the coming years.

In terms of financial health, Black Stone Minerals reported total assets of $1.27 billion as of June 30, 2025, up from $1.22 billion at the end of 2024. The company’s liabilities increased significantly, primarily due to a rise in borrowings under its credit facility, which stood at $99 million compared to $25 million at the end of 2024. The increase in debt reflects the company's strategy to finance acquisitions and operational activities. The partnership's equity decreased to $802.1 million from $829 million, influenced by distributions to unitholders and repurchases of common units.

Looking ahead, Black Stone Minerals remains optimistic about its growth trajectory, emphasizing its commitment to maximizing the value of its mineral and royalty assets. The company plans to continue exploring opportunities in renewable energy and carbon sequestration, alongside its traditional oil and gas operations. The management's outlook suggests a focus on maintaining operational efficiency and leveraging its extensive asset base to navigate the volatile commodity market effectively.